Monday Morning Support & Resistance Levels For EUR/USD – Are You Picking A Side? - Forex News by FX Leaders

Monday Morning Support & Resistance Levels For EUR/USD – Are You Picking A Side?

Posted Monday, July 31, 2017 by
Skerdian Meta • 2 min read

Today is July 31st though it may as well be August seeing as the big market movers have already started their holidays and the price action today is acting accordingly. The forex market has been extremely sluggish this morning and it doesn’t seem like it wants to wake up anytime soon.

In this case, it´s best that we play the game with short-term forex signals. For that, we need to know where the closest support and resistance levels are, so let´s have a look at these levels for EUR/USD and USD/JPY. Hopefully, we´ll pull off a few trades and make some pips

EUR/USD

Resistance  Support

1 – 1.1750-69 (Mild – The top today)                       1 – 1.1720 (Mild – Last week´s support)

2 – 1.1775-80 (Strong – The high in 3 years)         2 – 1.17 (Strong – Big Number)

3 – 1.18 (Mild – Big round number)                         3 – 1.1650 (Medium – 50 SMA)

4 – 1.1550 (Strong – Long term resistance)           4 – 1.16 (Strong)

These are the closest support & resistance levels for EUR/USD. At the moment, it looks like this forex pair is heading down towards 1.17. That is a big round number, so it should provide us with some solid support.
I would follow the price action when we get there. If it makes sense, then we might open a buy forex signal there, because I don´t see the buyers/sellers pushing too much in either direction today.
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of